In the March review, Citigroup improved its forecast for the average annual price of Brent crude for the current year from $64 to $70 per barrel, Bloomberg reported. Citigroup experts expect that in the second quarter, this sort of oil will cost an average of $69 per barrel, in the third quarter - $74, and in the fourth quarter - $72 per barrel. The forecast for the first quarter of 2020 also increased from $62 to $65 per barrel. New expert estimates are based on the assumption that supplies from Venezuela, Iran, Nigeria and Algeria will continue to decline amid further reductions in commercial stocks of raw materials.
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Oil prices collapse on demand slump, Brent at lowest since 1999